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Koinly Review: Helping You Manage and Calculate Your Crypto Taxes

Koinly is an online platform for calculating your crypto taxes and tracking your portfolio. As it supports more than 100 countries, Koinly allows people from all around the world to generate their crypto tax reports. Crypto taxes have become a hot topic recently, with the IRS, HMRC, and other tax authorities cracking down on crypto […]

Koinly Review: Helping You Manage and Calculate Your Crypto Taxes was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

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Koinly is an online platform for calculating your crypto taxes and tracking your portfolio. As it supports more than 100 countries, Koinly allows people from all around the world to generate their crypto tax reports.

Crypto taxes have become a hot topic recently, with the IRS, HMRC, and other tax authorities cracking down on crypto traders with unpaid taxes. Crypto taxes are not something that can just be ignored and must be taken seriously to avoid repercussions later.

As crypto moves from its wild west phase towards global mainstream adoption, it makes sense to have a system for managing your taxes in place now ready for the years ahead. Koinly wants to be the platform that allows you to do this in the most efficient way.

In this review, I’ll take an in-depth look at Koinly and its different features to provide you with a complete rundown of this cryptocurrency tax management platform.

Importing Your Data

In order to calculate your crypto taxes accurately, you will need the data of all your crypto transactions and their associated fees.

Koinly allows you to import your data from more than 300 exchanges, 68 wallets, 6000 blockchains, and various other platforms, so gathering all of the necessary data together shouldn’t be a problem.

Adding wallets to Koinly

Even if you use a service that is not integrated with Koinly, you can download your transactions in an Excel or CSV format, and Koinly will help you import the file.

Once you have connected your data sources via their API keys or public addresses, your data will then automatically sync with Koinly when you make any future transactions.

Koinly has made this whole process extremely easy, allowing you to connect the exchanges, wallets, and other crypto services you use in minutes.

Generating Tax Reports

Koinly collaborated with expert tax consultants from KPMG during its development to ensure that the reports generated are compliant with relevant tax laws. The platform allows users to generate tax reports for countries that accept LIFO, FIFO, and Average Cost accounting methods, which is almost every country.

Capital gains reports can be made using more than 5 years of historical market data for 6000+ fiat and digital currencies. You can also use the income from staking, mining, and loans to generate reports, as well as account for gifted, donated, and lost coins.

Tax Reporting – Source: Shutterstock.com

If you are ever audited, Koinly will provide you the fully compliant transaction logs you need and cost-basis calculations. It also allows you to export your data from Koinly to other tax filing systems, such as Xero, TurboTax, and TaxAct.

By being able to easily import and review all of your crypto transactions on Koinly, it allows users to save hours of time and dramatically reduces the risk of errors when calculating tax reports. Koinly notifies you if transactions still need to be reviewed, or if something does not seem right with a transaction, like a negative balance, for example, helping to ensure accuracy.

Koinly also has a built-in chat feature that allows you to drop them a message if you ever need help with anything related to the platform or your taxes.

On top of being a user-friendly tax calculator, Koinly also has a built-in portfolio tracker that has features designed to help users reduce their tax bills. This includes insights on how trades can affect your taxes before making them and notifying users of tax-loss harvesting opportunities.

A Closer Look at Koinly’s Portfolio Tracker

Aside from the tax benefits that Koinly’s portfolio tracker can bring, it also allows you to visualize your complete crypto portfolio, spread across multiple exchanges and services, all in one place.

Koinly Dashboard

It provides you a breakdown of your holdings and the ROI for each. You can see how the total value of your portfolio has increased and decreased over time, the amount you have spent on fees, your realized profit/loss, your cash positions, and more.

These insights are very valuable for crypto traders and investors, allowing them to analyze their trading habits, spot potential pitfalls, and improve their edge in the market.

Koinly’s Pricing

Koinly’s pricing seems quite reasonable, considering how much time and hassle the platform can save you. And the other thing is, you only have to pay for Koinly when you are ready to generate your tax report. That means you can create an account, upload your data, review your transactions, track your portfolio, and more, all for free.

When you are ready to generate your tax report, payment can be made by credit/debit card and is priced as follows:

Koinly Pricing
Note: If you have more than 10,000 transactions per year, then Koinly can still accommodate you. You can contact them for the cost of more transactions, but in most cases, this additional fee will be waved.

Creating an Account

Creating an account for Koinly is quick and easy. You can either log in with your existing Coinbase or Google account, or create a new Koinly account by entering just a name, email, and password.

Creating an account on Koinly

A bonus to using your Coinbase account is that all of your Coinbase transaction data will then automatically sync with Koinly.

Final Thoughts

Koinly does exactly what it sets out to achieve, which is to help you manage your crypto taxes simply, quickly, and professionally. Koinly is even in the process of setting up a CPA suite for cryptocurrency accountants and firms to allow them to manage their clients more efficiently.

Final Thoughts

The platform goes beyond taxes with its portfolio tracker and trading analytics tools. The pricing is fair, considering the time it saves you and the professional and compliant tax reports it produces. On top of that, Koinly’s experienced support team is always on stand by to help you with any issues or queries that may arise.

Overall, Koinly is a solid choice as a tax management platform for crypto traders, investors, and enthusiasts all around the world.

References

Koinly Review: Helping You Manage and Calculate Your Crypto Taxes was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

Source: https://blokt.com/guides/koinly-review

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Crypto Exchange KuCoin Gets Hacked

On Saturday (September 26), Singapore-based crypto exchange KuCoin suffered a security breach, as the result of which a part of the cryptoassets in the exchange’s hot wallets were stolen. According to KuCoin Global CEO Johnny Lyu, who hosted a live stream that started at 04:30 UTC on September 26, here are some important details about […]

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On Saturday (September 26), Singapore-based crypto exchange KuCoin suffered a security breach, as the result of which a part of the cryptoassets in the exchange’s hot wallets were stolen.

According to KuCoin Global CEO Johnny Lyu, who hosted a live stream that started at 04:30 UTC on September 26, here are some important details about this security incident:

  • Bitcoin, ERC-20 and some other cryptoassets in KuCoin’s hot wallets were “transferred out of the exchange”; these represented a small portion of the exchange’s total cryptoasset holdings (since the vast majority reside in cold wallets, which have not been harmed in any way).
  • KuCoin’s hot wallets have been “re-deployed”.
  • The exchange’s security team first finds out about the attack at 02:51 AM (UTC+8) on September 26 when they get alerted by the risk management system for the first time that an “abnormal” ETH transaction (with TXID 0x4b738df5d7f12e3fa1cbe83b8165c542da461ef0c9255fc1a3f275259a92623b) has occurred.
  • They then find out about a few more abnormal transactions from an ETH hot wallet with the address 0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23.
  • At 03:20 AM (UTC+8) on September 26, the KuCoin operations team “urgently closed the server of the wallet and found that after the shutdown, there were still cases of abnormal transactions.”
  • At 04:20 AM (UTC+8) on September 26, the KuCoin wallet team “started to transfer the remaining assets from the hot wallet to cold storage.”
  • At 04:50 AM (UTC+8) on September 26, the KuCoin wallet team “transferred most of the remaining assets from the hot wallet to cold storage.”
  • KuCoin has reached to various other exchanges (including Binance, Huobi, OKEx, Bybit, and Upbit) to “blocklist suspicious addresses and trace the funds affected.”
  • KuCoin has also been in contact with “international law enforcement,” and is offering “rewards of up to $100,000 to those who can provide valid information to us regarding this incident.”
  • This loss occurred due to “the leakage of the private key of KuCoin hot wallets.”
  • The deposit and withdrawal functionality is expected to be restored within one week.
  • KuCoin’s insurance fund is large enough to cover the losses.

Featured Image by “geralt” via Pixabay.com

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Crypto Price Analysis & Overview September 25th: Bitcoin, Ethereum, Ripple, Chainlink, and Tezos

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Bitcoin

Bitcoin dropped by a total of 3% over the past seven days of trading as it reached the $10,600 level today. The cryptocurrency briefly pushed above the $11,000 mark last Friday but could not sustain this level as it broke beneath it during the weekend. On Monday, BTC saw a precipitous 7.5% fall as it dropped from $10,910 to reach as low as $10,200.

Bitcoin continued to head lower on Wednesday as it reached $10,140 before the buyers regrouped to initiate a rebound, which happened yesterday. During the rebound, BTC managed to break back above the 100-days EMA and reach as high as $10,760 – where it ran into resistance at the bearish .382 Fib Retracement.

The coin has dropped slightly from there to trade at $10,600 today.

Looking ahead, if the bulls can continue above the $10,760 level, higher resistance lies at $10,900 $11,000, and $11,200. Added resistance is expected at $11,340 (bearish .618 Fib Retracement), $11,500, and $11,600.

On the other side, the first level of support lies at $10,430 (100-days EMA0. This is followed by support at $10,330, $10,140, and $10,000.

btcusd-sep25
BTC/USD. Source: TradingView

Ethereum

Ethereum suffered a steeper 11.3% price decline over the past week as it reached the $346 level today. The coin was trading above $380 last Friday but started to drop lower during the weekend. On Monday, Ethereum fell from $365 to reach as low as $335 (100-days EMA).

The price decline continued on Wednesday, which saw ETH drop as low as $320. Luckily, the bulls regrouped for a rebound on Thursday in which ETH managed to reach the $252 resistance (bearish .236 Fib Retracement). It also produced a bullish engulfing candle, which is a strong bullish signal.

Moving forward, if the buyers can break the $352 level, resistance lies at $364 (2019 high), $382, $390, and $400.

On the other side, support is first expected at $336 (100-days EMA). Beneath this, support lies at $320, $306, and $300.

ethusd-sep25
ETH/USD. Source: TradingView

Ethereum also struggled against Bitcoin this week as it fell from 0.035 BTC to reach as low as 0.0311 BTC yesterday. The coin had found support yesterday at the .618 Fib Retracement, which allowed it to bounce higher to the current 0.0326 BTC level.

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.033 BTC. Above this, resistance is located at 0.0337 BTC (March 2019 Support), 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at 0.032 BTC. This is followed by support at 0.0315 BTC (100-days EMA), 0.0311 BTC (.618 Fib Retracement), and 0.030 BTC.

ethbtc-sep25
ETH/BTC. Source: TradingView

Ripple

XRP witnessed a 5.5% price fall this week as the coin dropped from $0.25 to reach as low as $0.22 yesterday. The cryptocurrency managed to rebound from there to get as high as $0.24 today. However, the market is facing resistance at the 100-days EMA and must pass this to continue higher.

If the bulls break $0.24, the first level of resistance lies at $0.251 (bearish .382 Fib Retracement). Following this, resistance lies at $0.261 (bearish .5 Fib Retracement), and $0.271 (bearish .618 Fib Retracement).

On the other side, the first level of support lies at $0.235 (200-days EMA). This is followed by support at $0.23, $0.22, and $0.217.

xrpusd-sep25
XRP/USD. Source: TradingView

XRP is also struggling against BTC as it posted a fresh 2-month low at 2165 SAT (downside 1.414 Fib Extension) yesterday. The coin had slipped from 2300 SAT last Friday and continued lower until it hit the 2165 SAT support.

XRP has since bounced higher to reach the 2250 SAT level today.

If the bulls can break 2250 SAT, resistance is first located at 2300 SAT (bearish .382 Fib Retracement). Above this, resistance lies at 2350 SAT (bearish .5 Fib Retracement), 2400 SAT, and 2460 SAT.

Alternatively, support lies at 2200 SAT, 2165 SAT, and 2111 SAT.

xrpbtc-sep25
XRP/BTC. Source: TradingView

Chainlink

LINK saw a substantial 10% price fall over the past seven days, which saw the coin breaking beneath the $10 level and hitting as low as $7.31. There, it found support at a downside 1.272 Fib Extension level, which allowed it to rebound yesterday to reach the $9.90 resistance level today.

If the bulls can break $10, the first level of resistance lies at $10.40. Above this, resistance is found at $11.37 (bearish .382 Fib Retracement), $12, and $12.63 (bearish .5 Fib Retracement).

On the other side, support first lies at $9.00. Beneath this, support is found at $8.67, $8.00, and $7.31.

linkusd-sep25
LINK/USD. Source: TradingView

Against BTC, LINK dropped as low as 0.00072 BTC during the week. It was trading above a 3-month-old rising trend last Friday, but it went on to collapse beneath this support over the weekend. After reaching 0.00072 BTC, LINK bounced higher to get to the current 0.000935 BTC level today. Notice that it has returned to the previous rising trend line, which is now acting as resistance.

Looking ahead, the first level of resistance lies at 0.00095 BTC. This is followed by resistance at 0.001 BTC, 0.00103 BTC (bearish .382 Fib Retracement), and 0.00112 BTC (bearish .5 Fib Retracement).

On the other side, support is first found at 0.00091 BTC. This is followed by support at 0.0082 BTC, 0.00072 BTC, and 0.0007 BTC.

linkbtc-sep25
LINK/BTC. Source: TradingView

Tezos

XTZ saw the steepest price fall on this list as it dropped by 13% over the past 7 days. The coin fell beneath the $2.32 (.618 Fib Retracement) support on Friday and continued lower to crate a new 5-month price low as it reached $1.91. This support held over the past few days, and Tezos rebounded from here yesterday to reach $2.15 today.

Looking ahead, if the bulls break $2.20, resistance is found at $2.32, $2.53 (bearish .382 Fib Retracement), and $2.72 (bearish .5 Fib Retracement).

On the other side, the first two levels of support lie at $2.00 and $1.91. Beneath this, support is expected at $1.74 (.786 Fib Retracement), $1.68, and $1.56.

xtzusd-sep25
XTZ/USD. Source: TradingView

Tezos is suffering further against BTC as it produced a 7-month price low this week after reaching 18,600 SAT. The coin has since bounced from here to break back above 20,000 SAT today.

Looking ahead, the first level of resistance lies at 21,000 SAT. This is followed by resistance at 22,000 SAT, 21,750 SAT, and 24,300 SAT.

On the other side, beneath 20,000 SAT, support lies at 19,380 SAT, 18,600 SATm ad 17,600 SAT (.886 Fib Retracement). Added support lies at 16,600 SAT and 15,600 SAT.

xtzbtc-sep25
XTZ/BTC. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-september-25th-bitcoin-ethereum-ripple-chainlink-and-tezos/

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Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update

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Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.

The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.

Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.

Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.

In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).

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DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.

In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.

Market Data

Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%

BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)

cryptopost_friday_1

World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).

CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.

FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.

Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.

Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-maintains-10k-as-crypto-market-lost-16-billion-in-7-days-the-weekly-crypto-market-update/

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